A buying opportunity?
Updated
EURUSD has broken down from it's high and passed the 38.2% fib retracement. Currently trading around the 61.2% retracement level and probably will coincide with the rising trendline before making a push back up. Will still be sitting back and watching how this plays out especially with NFP due this coming Friday, with expected payrolls to be coming out at almost more than double the previous at 158k (c.f. 75k) If expectations are not met, the dollar may resume it's longer term slide with the Fed due to announce a rate cut sometime soon, which may coincide again with a more bullish EUR against the USD.
Note
Currently this pair has broken the uptrend support line pretty much due to the NFP exceeding expectations by a lot at 224k which made the USD soar. EURUSD is currently hovering at the 1.121 level and seemingly directionless until further fundamental/sentiment motivations come into play, such as a couple of Fed speeches and FOMC minutes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.